Governor Kathy Hochul has announced nearly $26 million in grant funding has been awarded to 24 Land Banks across New York State. The funding, made available through the State's Land Bank Initiative, will help eliminate blight, increase housing supply, assist local economic development efforts, spur the availability of homeownership opportunities, and improve the quality of life in communities that have experienced disinvestment.

 

"New York's Land Bank Initiative has already allowed us to preserve, restore, and revitalize rundown properties across the state, and we are excited to be extending the opportunity this year," Governor Hochul said. "This program will empower local nonprofits - the people that know their communities best - to help increase homeownership while repairing the fabric of their neighborhoods."

 

The awards announced today complement Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

 

The grants were awarded on a competitive basis through a Request for Applications issued by New York State Homes and Community Renewal. The funds are drawn from $50 million allotted for the Governor's Land Bank Initiative in the Fiscal Year 2023 New York State Budget. In the summer of 2022, HCR awarded operational funding to 26 land banks in Phase I of the initiative. The Phase II awards announced today will provide capital funding for acquisition, demolition, building stabilization and pre-development expenses. The next RFA for Phase II capital funding is expected in late 2023.

 

New York's land banks were established in 2012 with passage of the New York State Land Bank Act. Land banks are local public authorities designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties in order for them to be returned to productive use. There are currently 26 land banks across the state.

 

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "This $26 million investment will allow local organizations to invest in their communities by turning blight into opportunity that encourages redevelopment and boosts the tax base for the benefit of all. These awards build upon the $15 million in operating funds that we awarded to land banks last year. The Governor's Land Bank Initiative recognizes that art of creating and preserving affordable communities is never a one-size-fits-all process, but requires step-by-step dedication to building healthier, safer, more livable, and affordable neighborhoods."

 

The Phase II Land Bank Initiative grants announced today are:

 

Capital Region

Albany County Land Bank Corporation	$1,800,000
Capital Region Land Bank	$1,757,475
Troy Community Land Bank Corporation	$1,764,769

 

Central New York

Oswego County Land Bank Corporation	$1,000,000
Greater Syracuse Land Bank	$1,800,000

 

Finger Lakes

Finger Lakes Regional Land Bank	$332,640
Rochester Land Bank Corporation	$900,000
Tioga County Land Bank	$900,000
Wayne County Regional Land Bank	$1,000,000

 

Long Island

Nassau County Land Bank	$129,400
Suffolk County Landbank	$360,000

 

Mid-Hudson Region

Kingston City Land Bank	$1,800,000
Newburgh Community Land Bank	$1,800,000
Sullivan County Land Bank	$1,800,000

 

Mohawk Valley

Greater Mohawk Valley Land Bank

$1,800,000

 

North Country

Ogdensburg Land Bank

$210,357

 

Southern Tier

Broome County Land Bank	$1,074,600
Chemung County Property Development Corporation	$343,878
Steuben County Land Bank	$554,400

 

Western New York

Allegany County Land Bank Corporation	$373,800
Buffalo Erie Niagara Land Improvement Corporation	$1,694,825
Cattaraugus County Land Bank	$90,000
Chautauqua County Land Bank	$1,217,196
Niagara Orleans Regional Land Improvement Corporation	$900,000